That's got the lowest possible standard deviation of expected return and that's 25% stocks and 75% bonds with this sample period.

这个组合预期回报的标准差最小,在这一点上，投资组合,由25%的股票和75%的债券构成。

耶鲁公开课 - 金融市场课程节选

It shows the standard deviation of the return on the portfolio as a function of the expected return on the portfolio.

它是投资组合的收益标准差,关于预期收益率的函数图像。

耶鲁公开课 - 金融市场课程节选

You could always find a portfolio that had a higher expected return for the same standard deviation.

你总是可以找到一个投资组合,具有较高的预期回报,而标准差不变。

耶鲁公开课 - 金融市场课程节选

To calculate the expected utility of your wealth, you might also have to look at the expected return, or the geometric expected return, or the standard deviation.

要计算你财富的期望效用,你也许还要研究预期收益曲线,或几何预期收益率,或是标准差

耶鲁公开课 - 金融市场课程节选

Over this time period, that portfolio had an expected return of something like a little over 9% and it had a standard deviation of a little over 9%.

在这个时间段，这个投资组合的预期收益率是,9%多一点%,标准差是9%多一点。

耶鲁公开课 - 金融市场课程节选

You want to, for any given expected return, you want to minimize the standard deviation, so it's the left-most line and that means that everyone will be holding the same portfolio.

你希望，在期望收益固定的情况下，你肯定希望将标准差最小化，而这条线是最左边的线,这就意味着所有人,都愿意持有这样的投资组合。

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Then, once we did that we could plug that into the formula that I gave you last time and get the standard deviation of the portfolio and the expected return on the portfolio.

再将估算出的数值代入到,上节课给你们的公式中,就能得到资产投资组合的标准差,和该投资组合的预期收益率

耶鲁公开课 - 金融市场课程节选

So, the optimal thing to do if you live in a world like this n is to get n as large possible and you can reduce the standard deviation of the portfolio very much and there's no cost in terms of expected return.

如果现实中也这样简单的话,那么你就尽量增大,这样就能让投资组合的标准差,就会大大降低,从预期收益率的角度来看,这样做的成本是零。

耶鲁公开课 - 金融市场课程节选